TMI Blog2008 (12) TMI 742X X X X Extracts X X X X X X X X Extracts X X X X ..... tial question of law arises for consideration. The appeal is dismissed. - ADARSH KUMAR GOEL and L. N. MITTAL, JJ. Ms. Aman Bahri, for the Appellant. JUDGMENT Adarsh Kumar Goel,J.-Delay condoned. 2. The Revenue (sic-assessee) has preferred this appeal under s. 260A of the IT Act against the order dt. 18th Jan., 2008 passed by the Tribunal, Delhi Bench-1, Delhi proposing following substantial questions of law : (a) Whether the Revenue has erred in law in relying upon a valuation report based on CPWD rates for calculating the cost of construction of property located in the State of Haryana ? (b) Whether on account of non-finalization of HPWD rates the CPWD rates would be deemed to be applicable ? (c) Whether t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the asst. yr. 1991-92, the AO did not accept the valuation of property and genuineness of the cash credits. On appeal, the CIT(A) remanded the matter for fresh assessment in the light of report of the DVO. The AO made assessment accordingly. Difference between the value of the property declared by the assessee and the value of the property determined by the DVO was added back. Apart from this, the cash credits were treated to be the income from other sources. On appeal, part of addition was deleted to the extent explanation of assessee was found to be acceptable. 4. The Tribunal has affirmed the view taken by the appellate authority. 5. The Tribunal considered two issues : (i) addition on account of cost of construction and (ii ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st of the cases relied upon by the assessee are in regard to raising of share capitals by companies, in which Courts held that if the real subscriber could not be identified, the right course would have been to bring the money to tax in the hands of the persons to whom the monies belonged. In this case, the conduct of the assessee and surrounding circumstances show that the money belonged to the assessee as no benefit was passed on to the alleged intending buyers. Then, there are cases to the effect that while the assessee is required to prove the source of money, he is not required to prove the source of the source. In the instant case, source of the money has not been proved and the learned CIT(A) has not really gone into the source of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
